BTC analysis – what is the most bearish scenario and where can the price bounce?

BTC continues to correct in the form of a flag and still has not confirmed the bottom of this structure. In the short term volumes have risen but since the breakthrough resistance we are far away. Basically, no one knows where the final end of this will be fall. Maybe we have already achieved it and maybe we will have the final final liquidation, after which there will be growth.

In the short term we watch mostly support at $ 34,000 and $ 29,000. First of all, we need to reach higher local minimums and break through the maximum between them, along with the resistance of the flag. However, the last maximum is at the level of $ 44,500. This means that there will soon be no reversal.

Source: TradingView

BTC continues to correct

In the long run, it is necessary to realize that correction and dominance of bears can take a whole quarter. The real scenario is that the price may not even maintain support at $ 29,000. I follow the most bearish scenario on the logarithmic weekly chart on the MA 200 indicator. In history, it was there that the ends of long-term bearish trends were there. The MA 200 is currently at $ 19,427, but it is increasing over time.

For a year now, the price has more or less a sideway in a flat structure. ATH was slightly overcome and the price could create an expanded flat structure in the future. In this case, the price is short-lived will fall below $ 29,000 support and then a growing trend begins. Only time will tell if this scenario actually occurs.